2013 2014 2015

Sales/Revenue 170,870 183,240 231,280

Cost of Goods Sold (COGS) incl. D&A 107,240 112,550 142,260
COGS excluding D&A 100,480 104,610 131,000
Depreciation & Amortization Expense 6,760 7,950 11,260
Depreciation 5,800 6,860 10,010
Amortization of Intangibles 960 1,080 1,250
Gross Income 63,630 70,690 89,030
SG&A Expense 15,310 18,030 22,400
Research & Development 4,480 6,040 8,070
Other SG&A 10,830 11,990 14,330
Other Operating Expense - - -
Unusual Expense 300 - -
EIT after Unusual Expense 48,020 - -
Non Operating Income/Expense 652 - 585 3,700
Non-Operating Interest Income 1,620 1,800 2,920
Equity in Affiliates (Pretax) - - -
Interest Expense 136 384 733
Gross Interest Expense 136 384 733
Interest Capitalized - - -
Pretax Income 50,160 53,480 72,520
Income Tax 13,120 13,970 19,120
Income Tax - Current Domestic 10,420 9,480 13,000
Income Tax - Current Foreign 1,560 2,150 4,740
Income Tax - Deferred Domestic 1,570 3,010 3,190
Income Tax - Deferred Foreign - 426 - 658 - 1,810
Income Tax Credits - - -
Equity in Affiliates - - -
Other After Tax Income (Expense) - - -
Consolidated Net Income 37,040 39,510 53,390
Minority Interest Expense - - -
Net Income 37,040 39,510 53,390
Extraordinaries & Discontinued Operations - - -
Extra Items & Gain/Loss Sale Of
- - -
Assets
Cumulative Effect - Accounting
- - -
Chg
Discontinued Operations - - -
Net Income After Extraordinaries 37,040 39,510 53,390
Preferred Dividends - - -
Net Income Available to Common 37,040 39,510 53,390
EPS (Basic) 5,720 6,490 9,280
Basic Shares Outstanding 6,480 6,090 5,750
EPS (Diluted) 5,680 6,450 9,220
Diluted Shares Outstanding 6,520 6,120 5,790
EBITDA 55,080 60,600 77,890
CHANGE IN EBIT 3,320 19,040
CHANGE IN NET INCOME 2,470 13,880
AVERAGE TOTAL ASSETS 219419.5 261159
AVERAGE COMMON EQUITY 117548 115451
CHANGE IN EQUITY -12002 7808
AVERAGE TOTAL EQUITY 117548 115451
 APPLE INC.

2016 2017
214,230 228,570
131,510 141,700
121,000 131,550
10,510 10,160
9,030 8,960
1,470 1,200
82,720 86,870
24,240 26,840
10,050 11,580
14,190 15,260
- -
- 548 -
59,030 -
- 200 1,180
400 5,200
- -
1,460 2,320
1,460 2,320
- -
61,370 64,090
15,690 15,740
8,640 8,100
2,110 1,670
4,910 5,980
33 - 16
- -
- -
- -
45,690 48,350
- -
45,690 48,350
- -
- -
- -
- -
45,690 48,350
- -
45,690 48,350
8,350 9,270
5,470 5,220
8,310 9,210
5,500 5,250
68,990 70,190
- 11,150 2,720
- 7,700 2,660
306082.5 348502.5
123802 131148
8894 5798
123802 131148
 2014 2015 2016 2017
PROFITABILITY
PROFIT MARGIN 0.217 0.216 0.231 0.213
NET OP INCOME TO SALES 0.294 0.292 0.314 0.286
ROI 0.169 0.180 0.243 0.208
MARGINAL RETURN ON COMMON EQUITY 0.021 0.118 -0.066 0.023
MARGINAL PROFITABILITY RATE -0.277 1.586 -0.929 0.227
ROCE 0.336 0.462 0.369 0.369
ROTE 0.315 0.342 0.431 0.348

EARNING POWER
FINANCIAL LEVERAGE RATIO 1.867 2.262 2.472 2.657
FINANCIAL LEVERAGE INDEX 1.991 2.568 1.517 1.770
TOTAL DEBT RATIO 0.519 0.589 0.601 0.643
DEBT TO EQUITY RATIO 1.078 1.434 1.508 1.800
DEBT TO TANGIBLE NET WORTH 1.170 1.551 1.617 1.914
TIMES-INTERESTS EARNED RATIO 139.271 98.936 42.034 27.625
OPERATING CASH FLOW TO TOTAL DEBT 0.496 0.349 0.309 0.247

LIQUIDITY
CURRENT RATIO 1.570 1.409 1.326 1.628
QUICK RATIO 1.421 1.347 1.365 1.616
CASH TO CURRENT ASSETS 0.366 0.465 0.628 0.577
CASH RATIO (CASH TO CURR LIAB 0.574 0.656 0.833 0.939
CASH FLOW RATIO 1.368 0.941 0.741 0.756

HORIZONTAL ANALYSIS
SALES 7% 26% -7% 7%
COGS 4% 25% -8% 9%
GROSS INCOME 11% 26% -7% 5%
EBIT 7% 36% -15% 4%
NET INCOME 7% 35% -14% 6%
ACCOUNTS RECEIVABLES 32% 11% -3% 22%
TOTAL CURRENT ASSETS -6% 30% 20% 20%
TOTAL ASSETS 12% 25% 11% 17%
SHORT TERM DEBT 35% -5% 48%
ACCOUNTS PAYABLE 35% 18% 5% 32%
TOTAL CURRENT LIABILITIES 45% 27% -2% 28%
TOTAL LIABILITIES 44% 42% 13% 25%
RETAINED EARNINGS -16% 6% 4% 2%
COMMON EQUITY -10% 7% 7% 5%
TOTAL SHAREHOLDER'S EQUITY -10% 7% 7% 5%
TOTAL LIABILITIES AND SHAREHOLDER'S EQU 12% 25% 11% 17%
ASSETS
Fiscal year is October-September. All values USD Milli 2013 2014 2015 2016 2017
Cash & Short Term Investments 40,546 25,077 41,601 67,155 74,181
Cash Only 12,995 12,614 19,055 19,376 19,147
Short-Term Investments 27,551 12,463 22,546 47,779 55,034
Total Accounts Receivable 20,641 27,219 30,343 29,299 35,673
Accounts Receivables, Net 13,102 17,460 16,849 15,754 17,874
Accounts Receivables, Gross 13,201 17,546 16,931 15,807 17,932
Bad Debt/Doubtful Accounts -99 -86 -82 -53 -58
Other Receivables 7,539 9,759 13,494 13,545 17,799
Inventories 1,764 2,111 2,349 2,132 4,855
Finished Goods 1,081 1,640 2,349 2,132 4,855
Raw Materials 683 471 - - -
Other Current Assets 10,335 14,124 15,085 8,283 13,936
Miscellaneous Current Assets 10,335 14,124 15,085 8,283 13,936
Total Current Assets 73,286 68,531 89,378 106,869 128,645
Net Property, Plant & Equipment 16,597 20,624 22,471 27,010 33,783
Property, Plant & Equipment - Gross 28,519 39,015 49,257 61,245 75,076
Buildings 3,309 4,863 6,956 10,185 13,587
Machinery & Equipment 21,242 29,639 37,038 44,543 54,210
Other Property, Plant & Equipment 3,968 4,513 5,263 6,517 7,279
Accumulated Depreciation 11,922 18,391 26,786 34,235 41,293
Total Investments and Advances 106,215 130,162 164,065 170,430 194,714
Other Long-Term Investments 106,215 130,162 164,065 170,430 194,714
Intangible Assets 5,756 8,758 9,009 8,620 8,015
Net Goodwill 1,577 4,616 5,116 5,414 5,717
Net Other Intangibles 4,179 4,142 3,893 3,206 2,298
Other Assets 5,146 3,764 5,556 8,757 10,162
Tangible Other Assets 5,146 3,764 5,556 8,757 10,162
Total Assets 207,000 231,839 290,479 321,686 375,319

LIABILITIES & SHAREHOLDER'S EQUITY 2014 2015 2016 2017

ST Debt & Current Portion LT Debt - 6,308 10,999 11,605 18,473
Short Term Debt - 6,308 8,499 8,105 11,977
Current Portion of Long Term Debt - - 2,500 3,500 6,496
Accounts Payable 22,367 30,196 35,490 37,294 49,049
Income Tax Payable 1,200 1,209 - - -
Other Current Liabilities 20,091 25,735 34,121 30,107 33,292
Accrued Payroll 959 1,209 - - -
Miscellaneous Current Liabilities 19,132 24,526 34,121 30,107 33,292
Total Current Liabilities 43,658 63,448 80,610 79,006 100,814
Long-Term Debt 16,960 28,987 53,463 75,427 97,207
Long-Term Debt excl. Capitalized Leases 16,960 28,987 53,463 75,427 97,207
Non-Convertible Debt 16,960 28,987 53,463 75,427 97,207
Provision for Risks & Charges 3,290 4,000 8,200 8,700 8,407
Deferred Taxes 16,489 20,259 24,062 26,019 31,504
 Deferred Taxes - Credit 16,489 20,259 24,062 26,019 31,504
Other Liabilities 3,054 3,598 4,789 4,285 3,340
Other Liabilities (excl. Deferred Income) 429 567 1,165 1,355 504
Deferred Income 2,625 3,031 3,624 2,930 2,836
Total Liabilities 83,451 120,292 171,124 193,437 241,272
Common Equity (Total) 123,549 111,547 119,355 128,249 134,047
Common Stock Par/Carry Value 19,764 23,313 27,416 31,251 35,867
Retained Earnings 104,256 87,152 92,284 96,364 98,330
Cumulative Translation Adjustment/Unrealized For -105 -242 -653 -578 -354
Unrealized Gain/Loss Marketable Securities -191 -40 -464 1,174 328
Other Appropriated Reserves -175 1,364 772 38 -124
Total Shareholders' Equity 123,549 111,547 119,355 128,249 134,047
Liabilities & Shareholders' Equity 207,000 231,839 290,479 321,686 375,319
 FINANCIAL RATIOS 2014.000 2015.000
LIQUIDITY
CURRENT RATIO 1.570 1.409
QUICK RATIO 1.421 1.347
CASH TO CURRENT ASSETS 0.366 0.465
CASH RATIO (CASH TO CURR LIAB 0.574 0.656
CASH FLOW RATIO 1.368 0.941

EARNING POWER 1.867 2.262

AVERAGE TOTAL ASSETS 219419.500 261159.000

AVERAGE COMMON EQUITY 117548.000 115451.000

TOTAL DEBT RATIO 0.519 0.589

DEBT TO EQUITY 1.078 1.434
DEBT TO TANGIBLE NET WORTH 1.170 1.551

OPERATING CASH FLOW 59713.000 59713.000

0.496 0.349

TOTAL ACCOUNTS RECEIVABLES 0.319 0.115

TOTAL CURRENT ASSETS -0.065 0.304
TOTAL ASSETS 0.120 0.253
SHORT TERM DEBT 0.347
ACCOUNTS PAYABLE 0.350 0.175
TOTAL CURRENT LIABILITIES 0.453 0.270
TOTAL LIABILITIES 0.441 0.423
RETAINED EARNINGS -0.164 0.059
COMMON EQUITY -0.097 0.070
TOTAL SHAREHOLDER'S EQUITY -0.097 0.070
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 0.120 0.253
CHANGE IN CO -12002.000

CHANGE IN EQU -12002.000

AVERAGE TOTAL 117548.000
2016.000 2017.000

1.326 1.628
1.365 1.616
0.628 0.577
0.833 0.939
0.741 0.756

2.472 2.657

306082.500 348502.500
123802.000 131148.000

0.601 0.643
1.508 1.800
1.617 1.914

59713.000 59713.000
0.309 0.247

-0.034 0.218
0.196 0.204
0.107 0.167
-0.046 0.478
0.051 0.315
-0.020 0.276
0.130 0.247
0.044 0.020
0.075 0.045
0.075 0.045
0.107 0.167
 7808.000 8894.000 5,798.00

7808.000 8894.000 5,798.00

115451.000 123802.000 131,148.00
ST Debt & Current Portion LT Debt
Short Term Debt
Current Portion of Long Term Debt
Accounts Payable
Income Tax Payable
Other Current Liabilities
Accrued Payroll
Miscellaneous Current Liabilities
Total Current Liabilities
Long-Term Debt
Long-Term Debt excl. Capitalized Leases
Non-Convertible Debt
Provision for Risks & Charges
Deferred Taxes
Deferred Taxes - Credit
Other Liabilities
Other Liabilities (excl. Deferred Income)
Deferred Income
Total Liabilities
Common Equity (Total)
Common Stock Par/Carry Value
Retained Earnings

Cumulative Translation Adjustment/Unrealized For. Exch. Gain

Unrealized Gain/Loss Marketable Securities

Other Appropriated Reserves
Total Shareholders' Equity
Liabilities & Shareholders' Equity
 2013
Cash & Short Term Investments 40,546
Cash Only 12,995
Short-Term Investments 27,551
Total Accounts Receivable 20,641
Accounts Receivables, Net 13,102
Accounts Receivables, Gross 13,201
Bad Debt/Doubtful Accounts -99
Other Receivables 7,539
Inventories 1,764
Finished Goods 1,081
Raw Materials 683
Other Current Assets 10,335
Miscellaneous Current Assets 10,335
Total Current Assets 73,286
Net Property, Plant & Equipment 16,597
Property, Plant & Equipment - Gross 28,519
Buildings 3,309
Machinery & Equipment 21,242
Other Property, Plant & Equipment 3,968
Accumulated Depreciation 11,922
Total Investments and Advances 106,215
Other Long-Term Investments 106,215
Intangible Assets 5,756
Net Goodwill 1,577
Net Other Intangibles 4,179
Other Assets 5,146
Tangible Other Assets 5,146
Total Assets 207,000

2013
ST Debt & Current Portion LT Debt -
Short Term Debt -
Current Portion of Long Term Debt -
Accounts Payable 22,367
Income Tax Payable 1,200
Other Current Liabilities 20,091
Accrued Payroll 959
Miscellaneous Current Liabilities 19,132
Total Current Liabilities 43,658
Long-Term Debt 16,960
Long-Term Debt excl. Capitalized Leases 16,960
 Non-Convertible Debt 16,960
Provision for Risks & Charges 3,290
Deferred Taxes 16,489
Deferred Taxes - Credit 16,489
Other Liabilities 3,054
Other Liabilities (excl. Deferred Income) 429
Deferred Income 2,625
Total Liabilities 83,451
Common Equity (Total) 123,549
Common Stock Par/Carry Value 19,764
Retained Earnings 104,256
Cumulative Translation Adjustment/Unrealized For. Exch. -105
Gain
Unrealized Gain/Loss Marketable Securities -191
Other Appropriated Reserves -175
Total Shareholders' Equity 123,549
Liabilities & Shareholders' Equity 207,000
 APPLE INC.

COMPARATIVE RATIO ANALYSIS

2014 2015 2016 2017

PROFITABILITY
PROFIT MARGIN 0.217 0.216 0.231 0.213
NET OP INCOME TO SALES 0.294 0.292 0.314 0.286
ROI 0.169 0.180 0.243 0.208
MARGINAL RETURN ON COMMON EQUITY 0.021 0.118 -0.066 0.023
MARGINAL PROFITABILITY RATE -0.277 1.586 -0.929 0.227
ROCE 0.336 0.462 0.369 0.369
ROTE 0.315 0.342 0.431 0.348

EARNING POWER
FINANCIAL LEVERAGE RATIO 1.867 2.262 2.472 2.657
FINANCIAL LEVERAGE INDEX 1.991 2.568 1.517 1.770
TOTAL DEBT RATIO 0.519 0.589 0.601 0.643
DEBT TO EQUITY RATIO 1.078 1.434 1.508 1.800
DEBT TO TANGIBLE NET WORTH 1.170 1.551 1.617 1.914
TIMES-INTERESTS EARNED RATIO 139.271 98.936 42.034 27.625
OPERATING CASH FLOW TO TOTAL DEBT 0.496 0.349 0.309 0.247

LIQUIDITY
CURRENT RATIO 1.570 1.409 1.326 1.628
QUICK RATIO 1.421 1.347 1.365 1.616
CASH TO CURRENT ASSETS 0.366 0.465 0.628 0.577
CASH RATIO (CASH TO CURR LIAB 0.574 0.656 0.833 0.939
CASH FLOW RATIO 1.368 0.941 0.741 0.756

PERCENTAGE GROWTH

SALES 7% 26% -7% 7%

COGS 4% 25% -8% 9%
GROSS INCOME 11% 26% -7% 5%
EBIT 7% 36% -15% 4%
NET INCOME 7% 35% -14% 6%
ACCOUNTS RECEIVABLES 32% 11% -3% 22%
TOTAL CURRENT ASSETS -6% 30% 20% 20%
TOTAL ASSETS 12% 25% 11% 17%
SHORT TERM DEBT 35% -5% 48%
ACCOUNTS PAYABLE 35% 18% 5% 32%
TOTAL CURRENT LIABILITIES 45% 27% -2% 28%
TOTAL LIABILITIES 44% 42% 13% 25%
RETAINED EARNINGS -16% 6% 4% 2%
COMMON EQUITY -10% 7% 7% 5%
TOTAL SHAREHOLDER'S EQUITY -10% 7% 7% 5%
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY 12% 25% 11% 17%
 PROFIT MARGIN NET OP INCOME AND SALES
0.235 0.320
0.230 0.310
0.225
0.220 0.300
0.215 0.290
0.210
0.280
0.205
0.200 0.270
2014 2015 2016 2017 2014 2015 2016 2017

RETURN ON INVESTMENT
0.300
0.250
0.200
0.150
0.100
0.050
0.000
1 2 3 4
AND SALES

2016 2017